National Republican., 1887-10-28
GrPenhhok EXPANSION.

III NulGh hc oNNuhSSp NhN 'NsN
that the Secretary OF the Treasury has now |
authority to increase the amount Of legal !
tender notes tgreenbacks) to Si50,000,0O0.
Mr.. Williams 10 mistaken. The three |
acts Of 1869 and 1868, quoted In the Ma.
TIoNAL REPUBLICAN Of the Goth, directed |
the issue of that sum, but section OF the |
act approved June 20, 1874, "Fixlng the |
amount OF United States notes. Sc, says
"That the amount Of United States note
outstan ding, and to be used as q part OF the
circulating medium, snail not exceed tn,
sum OF three hundred and eighty-two mil
lion dollars.n
1t cannot be claimed that subsequent I
the passage Of this law until IL WAS altered
or amended there could be placed in clrcu
lation more than the sum named In it Of tht
legal tenders.
The act "To provide for the resumptio
Of specie payment" approved Jan. IA, 1915
dire cted the Secretary "to redeem OF the
legal tender notes those In circulation
until there should be outstanding thre
hundred millions and no more" This re
demption, though, was dependent upon th
issue Of national bank notes, and coul0
only be compassed as the notes were Issued
In 1878 only small amount OF tue legi
tenders had been redeemed, and Congress.
simply stopped further retirement by an act
approved May 81, 1878. There was at thai
time $346. ,Ol6 IN circulation, and there
Is no law authorizing aug more than that.
There are reasons why Congress should
| pass law increasing the legal tender ctrcu
| lation. One of them is that the resumption
act under which 1t was contracted contem-
plated and provided for large increase in
national bank notes, and there has been
| great contraction of these bank notes since
the passage of that act.
Though Mr.. Williams is mistaken his let
ter and the circulars attached are good read
ing:
| EDITOR NATIONAL REPUBLIcAN The admir-
able article in your columns of this day upon
the history of the legal tender United States
notes is opportune, as also were the many
other able financial articles which have
graced your columns during the present year.
In the aforesaid history the nations legal
tenders think you makelt quite clear that the
| Secretary of the Treasury can issue sl03 ,3l9,.
9si OF said legal tender United States notes.
for by the two acts OF 1862 and the act OF 1868.
he is undoubtedly authorized TO issue, &C.
cording 10 law, S4500O0,000 of said United
| States notes, and as he has issued S3i6. $50 0lG
of them, he undoubtedly can print the re-
mainder of Sl033l9,0Si thereof aud forthwith
| apply them under the act OF March ., 1851, to
the redemption of the outstanding bonds OF
the United States.
| have great faith In the patriotism ani per-
sOnal honesty ofthc secieIary OF the Treasury
and consequently believe that when he feels
al,
submit to the enforcement of the nations law
he will cut loose from his selfish Wall strce
advisers and will courageously adopt and
energeiically apply an American expansion
policy III lieu OF enforcing the English Hazard
circular policy of contraction. Every schOO,
toy knows that contraction means the dcltn
of labor, while expansion means uuriya led
prosperity for everybody save the Wall stree
money gamblers. / viii close by quoting, no
only the aforementioned Hazard circular
but also the American bankers circular, bltn
of which for refined deviltry surpass anything
ever before produced By his satanic majesty:
ENGLISH BANKING HAZ- TIE BANK CIRCULAR
| ARD CIRCULAR. "DEAR SIR: IL is ad.
| "slavefy is likely to yisable to do all IN
| be abolished by the your power to sustain
war power and chattel such daily and prOmi-
slavery be destroyed. nent weekly newSpA-
This 1 and my Euro pcrs, especially the
| pean friends Gre in agricultural and re-
| favor OF, for slavery is llgOus press, as will
but the owning of la oppose the Issuing OF
bor, and carries with gree pack paper
il the care for the la money, and that you
borer, while the Euro. also withhold patr0n-
pean plan, led on by age or tayors from all
England, is capital applicants who are not
control of labor by willing 10 oppose the
controlling wages. government issue Of
This can be done by money. Let the gov
controlling the money. ernment issue tho coiu
The great debt that aud the banks Issue
capitalists will see to the paper money ol
is made out of this the country, for thea
war must be used as a We can better protect
measure to control the each other. To repeal
volume of money. To the law creating nu
accomplish this the tional bank notes or u
bonds must be used as restore to circulation
banking basis. We the government issu,
are now waiting 10 get OF money will be t,
, ! the Secretary of the provide the people
Treasury to make this with money, aud Will
l. recommendation to therefore, seriously ai
Congress. II will not feet your individual
do 10 allow the green profits as bankers anC
back, as IL is called TO lenders See YOU
, rirCulalea as money any member OF Congress II
length of time, for we once, and engage hin
= cannot control them. TO support our Interest
| But VIC can control that we may contrJ
, the bonds, and legislation"
through them the
bank Issue"
Very respectfully, ROBERT ]. WILLIAMS.
WAsHiSGTON, Oct. 90.